Average Edmonton-area apartment rent and vacancies have dropped in the past year as housing demand and the number of units both increased, a new report shows.

The region’s overall vacancy rate in October was seven per cent, down from 7.1 per cent in October 2016, according to the Canada Mortgage and Housing Corp. annual rental market survey released Tuesday.

Vacancies for bachelor suites were slightly higher than average (7.3 per cent), while places with at least three bedrooms had far fewer vacancies (5.9 per cent).

The proportion of empty one- and two-bedroom suites was seven per cent.

The vacancy rate was higher than average in Strathcona County, Fort Saskatchewan, Stony Plain and other outlying areas, but below average in Leduc, St. Albert and Spruce Grove.

The region’s average monthly rental rates were down 1.3 per cent from last year to $1,101, ranging from $839 for a bachelor to $1,376 for at least three bedrooms.

“After three consecutive years of increases, Edmonton’s rental apartment vacancy rate stabilized as growing rental demand was met with an increased supply,” the report says.

“In the secondary rental market, a strong expansion in the supply of rental condominium apartments offered increased competition for tenants.”

Although the vacancy rate took a small dip this year, it’s still far higher than it was before the recession, when it was below two per cent for three years in a row.

Two factors helping boost apartment demand in 2017 are migration, particularly from outside Canada, and job growth, including an extra 9,800 positions created as of September for people in the youngest 15-to-24-year-old age group.

While the Edmonton region’s vacancy rate remains far higher than the national average of three per cent, rents are also higher — the typical monthly rent across the country is $947.

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